Austrian gas major OMV has agreed to pay $1.9bn for a 25% stake in the Yuzhno Russkoye gas field in western Siberia controlled and operated by Russian gas giant Gazprom, the Financial Times reported on March 6. The stake was acquired from Uniper, a power subsidiary of German energy utility E.On.
The CEO of the company Rainer Steel told media that OMV needs a “complete reshuffle” of its assets to lower expenses and boost competitiveness, with Russia being one of the target markets that could secure stable cash flow at low cost and maintain the flow of the natural gas to Europe.
The acquisition of a minority stake in the Gazprom-controlled field will boost OMV's output in Russia by a third, to the 0.4mn barrels of oil equivalent daily.
OMV is also Gazprom's partner on the construction of the Nord Stream-2 pipeline running from northwestern Russia under the Baltic Sea to Germany.
In 2016, the Russian side offered OMV access to several sites of the Urengoy field in western Siberia, while OMV offered Gazprom developing assets in the North and Norwegian seas. There is progress in negotiations on the exchange of assets with OMV, Gazprom CEO Alexander Medvedev said in June 2016.
Unidentified gunmen killed five mine clearance workers affiliated with the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project on May 21, according to Afghan officials. One worker was ... more
Gazprom has enforced another claim against Moldova’s natural gas transport operator Moldovagaz, worth $476mn, in the International Court for International Arbitrage of the Industry and Trade ... more
Montenegro’s government has decided to speed up the acquisition of Italian A2A's stake in the power firm EPCG, paying €68.9mn for a ... more